FRM-40212: Invalid value for field ORDERED_ITEM_DSP

First check the below check boxes,

Order Management Super User
Navigate: Master Items > Entered Item in Item Master with correct parameters for Order Management tab:
Customer Ordered
Internal Ordered
Customer Orders enabled
Internal Orders Enabled
Shippable
OE Transactable
Returnable


If all check boxes enabled then Check the below profile option, If it is null then change the value to No at site level.

OM: Use Materialized View for Items LOV (Honors Item Orderability Rules)

After changing that run  'Refresh Order Management Materialized Views'  from Order Management Super User.  And then select that item from Sales Order line.